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Hong Kong stocks saw unusual volatility | Copper stocks continued to decline, with the New York copper futures main contract hitting a new low. Goldman Sachs warned that oversupply will depress copper prices in the short term.
Copper shares continued to decline. As of press time, Chinfmining (01258) fell 4.97% to HKD 5.16; MMG (01208) fell 3.26% to HKD 2.67; Jiangxi Copper (00358) fell 3.05% to HKD 13.98.
"Continued Deterioration"! Goldman Sachs warns that overcapacity will depress copper prices in the short term
Goldman Sachs analysts pointed out that China's exports of cathode copper hit a new high in June, but inventories increased and there was a headwind on the demand side. At the same time, the increase in supply in Africa, the supply growth of Congo and Zambia has been underestimated.
HK stocks fluctuate | Copper stocks continue to decline, with oversupply and weak demand weighing on copper prices.
Copper stocks continue to decline. As of press time, MMG (01208) fell 7.19% to HKD 2.84; Jiangxi Copper (00358) fell 6.39% to HKD 14.64; Chinfmining (01258) fell 5.95% to HKD 5.69.
Copper stocks are under pressure. Chinfmining (01258) fell 4.07%. Institutions point to weak demand in the copper rod market.
Copper stocks were under pressure, with Chinfmining (01258) falling 4.07%, Chiho Env (00976) falling 3.92%, Jiangxi Copper (00358) falling 2.73%, and mmg (01208) falling 1.3%. Galaxy Securities said that last week, SHFE copper prices fell by 1.52% to 78,950 yuan/ton, SHFE copper stocks fell by 1.72% to 0.3161 million tons, domestic copper concentrate prices fell by 1.50% to 65,688 yuan/ton, and imported copper concentrate TC was $1.0/ton. On the supply side, shipping is generally normal, and smelters are under maintenance.
MMG issued additional shares based on the '5 supply 2' benchmark.
MMG (01208.HK) has announced that on July 15, 2024, it will issue approximately 3.465 billion new shares through a rights issue at a ratio of 2 new shares for every 5 shares held.
HKEX Movement: MMG (01208) rose nearly 3% and had a successful acceptance of approximately 282.38% in share placement.
Zhītōng Cáijīng APP learned that MMG (01208) rose by nearly 3%, as of press time, up 2.66% to HKD 3.09, with a turnover of HKD 21.4393 million. In terms of news, MMG announced that on Friday, July 5, 2024, at 4:00 pm, which is the deadline for payment and admission of new shares, as well as for application and payment of additional shares, the company has received a total of 27 valid admissions involving 3.402 billion newly issued shares, accounting for approximately 98.18% of the total number of newly issued shares that can be subscribed to based on the stock offering; and has received 63.84
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